Hastings Technology Metals has signed a binding agreement with Metal Bank for the divestment of Hasting’s gold assets following completion of due diligence by both parties.
The deal is subject to conditions precedent including shareholder approval.
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Under the terms of the agreement, Metal Bank will issue 160.02 million ordinary shares to Hastings, valued at A$2.3m at the time of signing the term sheet, on completion of the deal.
In return, Hastings will transfer its gold assets and A$300,000 in cash held by its subsidiary Great Western Gold to Metal Bank upon completion of the deal.
The assets under the proposed acquisition include Great Western Gold, which holds a 75% interest in the Whiteheads Gold Project tenements, and other tenements owned by the subsidiary covering approximately 380km² near Kalgoorlie.
Additionally, the acquisition also includes Ark Gold, the owner of two exploration licences around 40km south-east of Hastings’ Yangibana Project in Western Australia (WA), and the Darcy’s gold tenements, comprising three exploration licences covering around 100km² adjacent to the Brockman Niobium and Heavy Rare Earths Project in the East Kimberley region of WA.
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By GlobalDataThe proposed acquisition necessitates shareholder approval for Metal Bank’s issuance of the shares.
Additionally, Hastings requires shareholder approval to distribute these shares to its shareholders.
Metal Bank’s shareholder approval will be sought at its upcoming annual general meeting (AGM), while Hastings plans to seek approval for the “in-specie” distribution of shares at its AGM scheduled for mid-November 2025.
Subject to the satisfaction or waiver of other conditions, completion of the acquisition will occur following Hastings’ AGM.
Hastings executive chairman Charles Lews said: “Since our announcement of this proposed transaction on 10 September, we have been able to finalise the agreement of the sale of Hasting gold assets to Metal Bank in a short space of time. It underscores the shared vision and spirit of cooperation between Hastings and Metal Bank’s executive team to create a gold-focused company that will benefit our respective shareholders.
“This is a transformational step for Hastings as it continues to focus on developing its rare earth and niobium assets at Yangibana and Brockman. With this gold divestment, our shareholders will benefit from an in-specie distribution of Metal Bank shares, which we will bring to shareholders for approval at our upcoming AGM in mid-November.”
Meanwhile, Hastings is continuing to advance its Whiteheads Project, with drilling having begun for an initial resource at the Seven Leaders prospect.
As per the terms of the agreement with Metal Bank, Hastings will be responsible for managing and executing this initial drill programme at the prospect.
The drilling efforts will concentrate on verifying historical drill data and include a geotechnical diamond core hole to gather sufficient geotechnical data for designing and implementing the starter pit.
After defining the initial resource, Hastings plans to move forward with a mining lease application and submit a mining proposal.
